After the Bell | July 31, 2023
Corn: December corn fell 17 1/4 cents to $5.13, closing below the 20-day moving average for the first time since July 17. Corn futures extended last week’s selling efforts in earnest, which were initiated by a gap lower to begin the overnight session.
Soybeans: Soybeans were the weakest link in the soy complex today, with the November contract falling 50 3/4 cents to $13.31 3/4. August soymeal fell $4.00 to $451.20, near the mid-point of today’s range. August soyoil fell 202 points to 65.58 cents. Soybean futures succumbed to heavy selling pressure as grain markets rolled over in general, quickly turning a healthy monthly gain on the month into monthly losses in the November contract.
Wheat: December SRW wheat dropped 36 1/4 cents to $6.91 3/4 and nearer the session low. December HRW wheat closed down 39 3/4 cents at $8.29 1/2. Prices closed nearer their session lows and hit two-week lows today. September spring wheat futures fell 40 1/4 cents to $8.55 3/4 and closed near the session low.Big losses in corn and soybean futures spilled over into the wheat markets today.
Cotton: December cotton rose 46 points to 84.72 cents, nearer the session low after posting an intraday high of 86.31 cents. December cotton rebounded from last week’s heavy selling and is still set to notch the biggest monthly gain since January amid scorching temperatures in Texas which have elevated supply concerns.
Cattle: October live cattle fell $0.075 to $179.525. Prices hit a three-week low early on today. October feeder cattle closed up $0.025 at $251.025 today. Both markets closed nearer their daily highs. The cattle futures markets saw some end-of-the-month profit-taking pressure today, but the late price rebounds from the earlier losses suggests the bulls still have some strength.
Hogs: August lean hogs led the complex higher today, rising 92.5 cents before settling at $104.125. Lean hog futures gained strength following a weak open as bulls were emboldened by strengthening fundamentals.
